Baker, Scott; Bloom, Nicholas; Davis, Steven J. - Becker Friedman Institute for Research in Economics, … - 2012
uncertainty about economic policy. This view entails two claims: First, that policy uncertainty is unusually high in recent years …. Second, that high levels of policy uncertainty caused households and businesses to hold back significantly on spending … uncertainty developed in Baker, Bloom and Davis (2012). Figure 1, which plots our index, indicates that economic policy …